CADJPY profit target reached perfectly, prepare for a reversal
Sell below 89.23. Stop loss at 89.75. Take profit at 87.83.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We are now seeing major resistance at 89.23 (Channel exit potential, horizontal swing high resistance, Fibonacci retracement) and a drop could occur at this level to push price down to 87.83 (Fibonacci extension, horizontal swing low support). It’s important to keep an eye out on 88.48 as intermediate support.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We are now seeing major resistance at 89.23 (Channel exit potential, horizontal swing high resistance, Fibonacci retracement) and a drop could occur at this level to push price down to 87.83 (Fibonacci extension, horizontal swing low support). It’s important to keep an eye out on 88.48 as intermediate support.
Stochastic (34,5,3) is seeing major resistance below 95% where a corresponding reaction could occur.
Trade closed: target reached:
DAMNNNN hope you guys got in on this trade!